IRVINE, Calif. — Nov. 9, 2022 — ATTOM Data Solutions released their October 2022 U.S. Foreclosure Market Report, reporting a 57 percent increase from the same month in 2021 as foreclosure filings reached 32,376 properties nationwide. The rate of one in every 4,339 housing units had a foreclosure filing makes it the highest rate to date.
Illinois, Delaware and New Jersey had the highest foreclosure rates while Las Vegas, Riverside, and Chicago had the most activity among metropolitan areas with over 1 million in population. October 2022 also saw an 18 percent increase from last month in completed foreclosures (REOs) at 4,156 properties across the U.S. and a 103 percent increase from the same time last year.
When broken down by state, California had the greatest number of foreclosure starts at 2,594 properties while Texas, Florida, New York and Illinois followed with 1,901 foreclosure starts, 1,528 foreclosure starts, 1,362 foreclosure starts and 1,300 foreclosure starts, respectively.
In the major metropolitan areas with a population greater than 1 million, New York City had the greatest number of foreclosure starts at 1,655 properties followed by Chicago, Los Angeles, Philadelphia and Miami with 1,107 foreclosure starts, 816 foreclosure starts 788 foreclosure starts and 583 foreclosure starts. St. Louis had the greatest number of REOs at 841 properties followed by Chicago, New York City, Philadelphia and Detroit with 220 REOs, 147 REOs, 124 REOs and 98 REOs.
It is clear that the housing market remains fragile as foreclosure filings continue to increase. With this in mind, it’s important for homeowners to remain mindful of their mortgage payments and seek assistance if needed. Looking ahead, it will be interesting to see whether or not the housing market can improve and foreclosure rates decrease in the coming months.
Foreclosure Lawyers Can Help You !
Foreclosure lawyers can provide invaluable assistance to those facing foreclosure. They will help you understand your legal rights, negotiate with lenders and creditors, and work out viable solutions that fit within the framework of foreclosure law. With the assistance of a foreclosure lawyer, homeowners may be able to avoid losing their home altogether or reach an agreement with their lender that saves them from further financial hardship.
Foreclosure lawyers can help by exploring potential legal options that may minimize the impact of foreclosure on a homeowner. These options may include filing for bankruptcy, challenging wrongful foreclosures in court, or negotiating with lenders to modify existing loan agreements. Foreclosure lawyers will also work to secure any applicable exemptions and protections, such as those offered by the federal government’s Home Affordable Modification Program.
In addition, foreclosure lawyers can help homeowners get a better understanding of the foreclosure process and their rights during it, from pre-foreclosure to post-foreclosure. This can include providing advice on relevant mortgage documents, preparing for court proceedings and formulating strategies to protect the homeowner’s rights.